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Lethbridge Herald (Newspaper) - October 16, 1970, Lethbridge, Alberta Prices Mixed In Light Trade TORONTO (CP) - Prices on the Toronto stock market were mixed to fractionally higher in light trading today. On index, industrials rose .13 to 168.13 and golds 3.16 to 184.13. Base metals ailso dropped .05 to 97.93 and western oils .70 to 185.87. Volume by 11 a.m. was 642,000 shares compared with 596,000 at the same time Thursday. Among rising issues, Ocean Cement gained 1% to $19%, Aimco % to $11, Dome Mines lYz to $67, Scurry-Rainbow Yi to 24 and Sherritt Y& to $18. Hudson Bay Oil and Gas lost % to $40%, Shel Canada V* to $33y4, Hudson Bay Mining Yi to $21%, United Bata five cents to $4.35 and National Pete 10 cents to $4.80. UNSETTLED MONTREAL (CP) - The Montreal stock market was unsettled in light trading in today's morning session. Among declining issues, Canada Cement Lafarge slipped Yz to $34, Consolidated Textiles Vz to $13, Algoma Steel % to $13y4, Shell Canada Yi to $33*4, Bras-can Yi to $13% and Canadian Vickers Yt to $6. Crown Cork jumped $5 to $145, Distillers-Seagrams rose Y\ to $49y4, Canron % to $13, Royal Trust Yi to $27 and Placer Ys to $34%. On index, industrials gained a fractional .04 to 171.61 and papers .41 to 87.77 while banks dipped .08 to 177.21 and utilities .13 to 139-36. The composite index va* unchanged at 166.51. Co: i b i n e d volume on the Montreal and Canadian Stock Exchanges to 11 a.m. was 326,200 shares traded, compared with 299,900 at the same time T iday. MARKET LOWER NEW YORK (AP) - The stock market eased lower in slow tracing today as investors appeared to find little motivation to move into the market. At noon, the Dow Jones average of 30 mistrial stocks was Off 1.65 to 766.22. M>st stock categories were mixed. At noon, the Associated Press Real Estate Sluggish TORONTO (CP) - The Canadian real estate market was "sluggish" during September, the Mortgage Insurance Co. of Canada says in its monthly newsletter. Interest rates did not change significantly and it'was "in the main another month of slow demand for mortgage funds." Loans for builders were "very short to none available in most parts of the country." The situation was similar for loans for rental projects. The company, which surveys the major population centres, said homeowner loans were plentiful in 21 areas. There was a shortage in Quebec City, Winnipeg, Calgary, Victoria, the Okanagan Valley of British Columbia, and in some Ontario centres. Conventional mortgage rates ranged from 1 per cent to 10% in most areas with the. rate going to 11 per cent in parts of the Maritimes, Northern Ontario and the Okanagan Valley. The National Housing Act rate ranged between 9% and 10% per cent with one bank-not identified - quoting 9%. eO-sf"1'- -v..age was unchanged 262.6. Among Canadian issues on the New York Stock Exchange, Mclntyre Porcupine slumped 1% points to $168%. Dome Mines rose % to $64% and Granb;- Mi: ing % to $24%- Intern tional Nirfcel was up Y4 at $45. On the American Stock Exchange, Scurry Rainbow Oil tacked on Yt to $23%. Molybdenite Canada ost 3-16 at $5%. Medicine Has Exploration Permit Sold EDMONTON CP) - The provincial government received $1,095,912 from the sale of petroleum and natural gas permits. The highest price paid was $135,565 by Bailey Selburn Oil and Gas Ltd. for a permit to explore 19,040 acres in the Rosedale area northeast of Calgary. National Trust Co. Ltd. paid $113,608 for a permit on 20,160 acres about 75 miles due north of Edmonton and Husky Oil Ltd. spent $103,367 for 13,600 acres northeast of Medicine Hat hear the Alberta-Saskatchewan border. The sale increased the amount paid to the province this year for permits and leases to $27,634,003. Manitoba May Lose Egg Issue OTTAWA (CP) - Justice Minister John Turner said Thursday he doubts that Manitoba can bring a reference before the Supreme Court of Canada to determine the constitutional validity of provincial marketing regulations. He was replying in the Commons to G e r a 1 d W. Baldwin, Conservative House leader. Manitoba maintains that Quebec and other provinces are interfering with interprovincial trade with regulations restrictions of broiler chickens and eggs. It has given notice it will try to contest, beginning Monday, the Quebec regulations in the Supreme Court of Canada. Mr. Turner said a reference to the Supreme Court of Canada requires agreement on the facts in a case. And the facts were in dispute in this case. Beef Futures WINNIPEG (CP) - There were bids and offers near current levels in the November and March futures but no trades on the live beef futures market Thursday. A total of four contracts were traded Wednesday. Open High Low Close Nov. 28.85B Jan. 29.25N March 29.50A Farmers Pay Hired Hands More Money OTTAWA (CP) - Farmers aren't making as much for their products but they're paying their hired hands more, the Dominion Bureau of Statistics reported today. The index of farm prices for agricultural products was 112.3 in August, a decrease of 1.6 points from the July figure of 113.9. It was 5.2 points below the August 1969 index of 117.5. The decrease in the price index was caused mainly by lower prices for cattle, hogs, poultry and potatoes. Meanwhile average wages paid to farm hands rose to $1.36 an hour in August this year from $1.31 in 1969 and $1.23 in 1968. These wages include board. Without board, average farm help wages rose to $1.61 an hour in 1970 from $1.55 an hour last year and $1.42 an hour in 1968. MISCELLANEOUS QUOTATIONS Vancouver, Calgary, Montreal (Supplied by Doherty, Roadhouse and McCuaig) LAST BID OR SALE (11:00 a.m. Quotes) (11:00 a.m. Quotes) (11:00 a.m. Quotes) WESTERN OILS Alminex ...... Asamera ...... Banff........ BP Oil Gas ... . Can South ... . Cdn Ex Gas ... Cdn Homestd .. Cdn Ind Gas Oil Cdn Long Is ... Cdn Super ..... Cen Del Rio ... Chleftan . Dynamic Peta . Gt Plains ..... Mill City .. .. New Cont ... . Numac ....... Permo....... Petrol ........ Pinnacle ...... Place Gas ..... Ponder ....... Ranger ... . Scurry Rain ... SDooner West Decalta .. Inter Steel Pipe Jefferson Lake Joutel ....... 15 l!V* Kaiser Res ... 1,0 Kam Kotia ... . L Ont Port Cem Mentor ..... Newconex ... . Pacific Pete ... Rank Org ..... Selk Hold ..... Ti'62VSshe" lnv ..... 10 371/2 she" lnv PW  1 31 Shell lnv Wts .. Sicks Rainier .. West Cdn Seed . White Yukon CALGARY Acroll ...... Ana Pete ...... Barons Oil ... . North Cont ... . West Warner .. Madison ..... 23.PJV2 Reld,aJg. 2.03 5.95 5.8 15.75 4.20 5.05 7.35 10.25 .71 37.75 28.00 2.19 1.08 7.70 .86 1.45 .95 1.27 .65 13.75 a.m. 6.75 Invest Gr .. 9.80 10.81 10.25 Invest Mutual 4.96 5.43 1.12 IOS Vent 3.31 3.62 10.87VJ Mutual Ac F 4.79 5.27 1.35 Mutual Gr F .. 4:23 4.65 1.80 Mutual In .. 4.63 5.09 .46 Nat Res .... 6.90 4.05 6.15 N W Fin .... 3.59 3.95 28.50 N W Gr .... 4.37 4.80 16.00 Principal Gr .. 3.69 4.05 10.50 Prov Mutual .. 6.17 6.74 33.00 Regent Fund 7.89 8.62 30 00 Royfund ,..... 4.01 5.06 IS 25 United Ac .. 4.27 4.69 3.62V2 Universal Sav 6.77 7.44 �T VANCOUVER Anuk.......22 1.30 Arctic Mining .. .21 .071/2 Atlas Explor .. .63 .06 Beth Copper .. 16.50 .03 Bornite Ridge .. .14 .41 Block Bros .... 3.40 30 Brenda .... 9.75 .13 B.C. Sugar .... 15.3716 MISCELLANEOUS INDUSTRIAL Atco Ind ...... Aquatalne ... . Brit Nfld ...... Cdn Brew B ... Cdn Hydro ... . Cdn Pacific lnv CPR Pfd Crows Nest In . Cygnus A ..... Cygnus B ..... Cum Prop ... . Gt Cdn Oil S ... Home A ...... Home B Home Pltfld ... Hud Bay Co ... Hud Bay Oil ... Hud Bay Pfd .. Hugh Russ ... . Husky Oil .. Husky Oil War . Inter Prov Pipe Intl Utll Pfd ... B.C. Sugar PIPELINE STOCKS Capt Inter ....... 3.30 Alta Gas Tr L A 46.0 Churchill Copper 2.25 Alta Gas (Nat) . 23.87V2 Coronation Credit 1.26 Inland Nat Gas 10.75 Crestbrook F Ind 6.37Vi N and C 14.00 Croyden .41 ,,, N and C B Pfd 29.25 Dolly Varden .. .50 10.75 Gaz Metro . 5.00 Dynasty .... 6.50 ,�! Tr cdn p,Pe 3J-55 Glant Mascot .. 3.40 5.00 Tr Cdn P Pfd 39.87V2 Granisle .... I2.62V2 34.25 Tr Cdn P Pfd A 62.12V2 Key Indust .... 55 15.25 Tr Cdn P War N.37V4 Hy's .......... 2.85 23.00 Westcoast Tr . 22.25 Interior Brew .. 4.55 8.87'/2 Western Pacific 4.95 Jericho .......09 43.00 MUTUAL FUNDS Kamloops Copper .11 AGF Special 2.23 Lornex ... 6.90 �" -� " 6.64 7.26 Lytton Minerals 2.76 7.68 8.39 Madrona ......34 3.36 3.67 New Cronin.....10 4.57 5.02 New Imp Mines 2.03 4.75 5.25 All Cdn Com 11.00 All Cdn Divld 4.00 All Cdn Vent 19.62V2 Amr Gr F 21.50 Cdn Gr .. 2.00 Cdn Invest F 14.00 Col Mutual .. 40.121/2 Cmnw Inter 53.25 Cmnw Lev .. 20.50 Corp Invest . 12.87V2 Corp In S F 6.95 ~ 12.75 5.19 5.70 Okanagan Hellcop 3.15 4.29 4.70 Primer 5.42 5.95 Pyramid ...... 11.50 12.60 Silver Standard 2.95 3.23 T C Explor .... 5.03 5.50 Troian ____ 4.52 4.94 Western Mines Dreyfus F U.E. 10.65 11.66 Westcoast Res .. Gr Equity .... 5.74 6.30 Western Explor 35.00 Gr In Shares 3.08 3.39 Utica .23 .57 1.41 .36 .39 3.80 .22 .27 .70 TORONTO MINES, INDUSTRIALS Supplied by Richardson Securities of Canada LAST BID OR SALE (11:00 a.m. Quotes) (11:00 a.m. Quotes) (11:00 a.m. Quolet) INDUSTRIALS Molsons B . . Abltlbl ....... 7.371/2 North, Cent . Alcan ....... 22.00 Pembina Pp Algoma Steel . 13.12V2 Power Corp . Atco Ind..... 10.62V2 Price Co . . Altan Sugar . . 7.25 Rothmans .., Bell Tel..... 43.62V2 St Law Corp Brazil Trac . . 13.62'A Shell CDA . . B.C. Tel..... 61.50 Simpson's East Sullivan . Falconbridge . Burns B.C. Forest . . B.C. Sugar . . CAE Ind ... . Cdn Brew . . . Chemcell ... . Col Cellulose . Cal Power . . Coron Credit . CWN Gas ... . Cdn Indust ... Canada S S . . Cdn Marconi . Cdn Vickers . Chrysler ... . CPR....... Comlnco ... . Cons Bath ... . ConsGas ... . Dist Sea ... . Dom Bridge . . Domtar . . . Dom Textile .. Dom Stores . , Dome Pete . . Fam Play ... Fd of Amer . . Gt Cdn Oil . . Gen Motors . . Gt Lakes Pap Gulf Oil Cda . Hawker Sid . . Huron, Erie . . Hiram Walk . , Imperial Oil . Imperial Job Int Nickel . . . Int Pipe ... . , lnv Gp A . . . Int Utilities . . Indust Accept Laurentide . . Kelly Doug A . Loeb....... Loblaw A . . . Metro Stores . Massey Ferg . McMillan Bloe Moore Corp . . Molsons A . . . 9.12V2 Simp Sears . . . 24.87V2 Steel of Can . . 15.50 Selkirk A . . . . 4.65 Texaco . . . 7.50 Traders Gp A . 4.35 Trans Mtn Pp . 6.00 Trans Can Pp . 25.00 Union Gas . . . 1.20 Union Oil  . . 11.12V2 Versatile Mfg . '.'.25 Westeel..... 25.50 Union Car ... . 3.75 Weston's B . . . 6.00 Woodward's A . 25.75 West Cdn Sd . . 63.50 Zenith Elec 20.62V2 BANKS 10.121/2 Can Imperial . 17.87V2 Montreal..... 49.12V2 Nova Scotia . . 16.25 Royal...... 13.75 Tor-Dom 12.75 MINES 10.75 Acme .. ... 70.50 Advocate Asb. . 9.50 Akaitcho..... 51.00 Area Mines ... . 4.00 Belcher Iron ... 74.00 Black Bay .... 18.37V3 Bralorne ....... 18.50 Broulan ........ 2.05 Bethlehem ... . 16.25 Brunswick ... . 43.25 Canada Tung. . 19.00 Casslar ... . 14.25 Central Pat. ... 45.871/a Chimo....... 25.00 Conwest..... 7.37V4 Cons. Rambler . 32.50 Coin Lake .... 15.62V2 Cochenour ... . 5.12V2 Craigmont ... . 5.12V2 Dickenson Mines 4.90 Denlson Mines . 5.75 Deer Horn ... . 24.00 D'Eldona..... 10.25 Dome Mines . . 24.62V2 Donalda...... 31.50 Discovery Mines 13.12V2 East Malartic . 13.00 14.00 2|'J Frobex ... *;*, First Maritimes �-\lV2 Giant Y..K ... . Gunnar ....... Granduc ...... Headway R.L. . Hollinger . . Hud. Bay M-S . ,, ,,,, Hydra Ex. . . l�"'/2 Highland Bell . 2iH Iron Bay..... .9-75 iso . ..... 18.121/2 j0|iet Quebec . . 32.25 Kerr Addison . Key Anacon . . Labrador . . . Lake Shore ... . Leltch ... Langis Sliver . . Macassa . ... Madsen R.L. . . Malartic G.F. . Martin McNeely Maybrun..... Maclntyre .. .. Meta........ Mldrlm ....... 22.871/2 Intern Mogul . . 20.00 New Athona . . New Calumet . . New Imperial . Noranda..... Northgate ... . Opemiska ... . Oslsko....... Patino....... Pine Point .... Placer Dev. ... P.C. Exp...... Quebec Man ... Rayrock ..... Radiore ...... Rio Algom ... . Silverflelds ... . Sherritt Gordon Silver Miller ... Steep Rock ... . Slscoe 13.00 19.00 33.25 17.00 21.75 23.25 15.00 40.00 3.05 9.75 13.00 22.75 15.75 2.65 1.45 20.25 15.50 19.25 .07 2.15 .56 2.00 .48 .07 T.(0 .25 16.50 4.40 2.04 22.00 3.10 1.33 13.25 .79 .16 .60 10.50 1.35 23.50 5.65 150.50 .26 .95 10.00 1.30 8.05 11.50 34.50 21.50 .201/2 2.85 3.20 1.91 ,221/j 11.25 .301/2 33.00 3.85 1.30 .07 1.10 .89 .75 12.50 .24 170.00 .16 .32 10.371/2 .17 .27 2.01 28.121/2 10.75 11.25 .29 31.50 30.12V2 34.12V2 .73 .221/2 1.32 .34 15.25 2.10 19.00 .08 2.60 1.92 Friday, October 16, 1970 - THE LETHBRIDGE HERALD - 21 Your Taxes A Guarantor's Lot 'Not By I. H. Asper Happy' Tek Corp..... 6.70 Texmont.......52 Upper Canada . 2.01 .071/2 Western Mines . 3.85 1.14 Wright Har. ... 1.60 66.00 Wlllroy ....... 1.33 .22 Windfall .....15 1.20 Yellowknlfe Br. 5.25 1.45 Zenmac ...... ,10 NEW YORK STOCKS Supplied by Richardson. Securities of Canada Amr T and T .. 44.50 Montgomery Ward 26.87'A 20 Golds 183.37 up 2.40 Anaconda ...... 22.12V2 Sears ...... 70.12V2 10 Base Met 97.83 off .15 Bth Steel ...... 22.00 Std Oil of N.J. 69.12V2 15 W Oils 185.84 off .73 Chrysler ...... 25.62Vi Texas Gulf .. .. 117.37V2 Volume 1,347,000 Comsat ........ 49.0 Texas Co .. .. 33.12V2NEW YORK AVERAGES Dupont ........ 117.75 Woolworth .. .. 34.50 30 Indust 765.13 off 2.74 General Motors . 72.75 Westinghouse Elec 64.25 20 Rails 154.77 off .90 Gulf........... 30.621/2 U.S. Steel .. 30.50 15 Utilities 106.50 up .03 Int Harvester .. 24.75 TORONTO AVERAGES 65 Stocks 246.26 off .81 Kenn Copper .. 41.12% 20 Indust 168.11 up .11 Volume 6,790,000 Grain Price Review BUSINESS OPPORTUNITY R0B0 CAR WASH FOR SALE ONLY ONE OF ITS KIND IN VICTORIA B.C. EXCELLENT RETURN WITH GREAT POTENTIAL REQUIRES INVESTMENT OF $120,000 Apply 756 Hillside Ave., * VICTORIA, B.C. WINNIPEG (CP) - Trading was light with oilseed futures lower at the close of the Winnipeg Grain Exchange today. Flax and rapeseed were on the easier pattern all day with a little exporter buying on the scale down about the only activity. Domestic shippers were buying moderately in oats, barley and rye with prices moving fractionally in the three grains. Volume of trade Thursday was 347,000 bushels of rye, 621,-000 of flax and 1,911,000 of rape-seed. Thursday's export loading of Canadian wheat included 580,-608 bushels to Britain, 485,333 to Algeria and 488,686 to Japan. Prices for class two wheat for export to countries outside FLQ Supporter Goes To Prison ALMA, Que. (CP) - An outspoken supporter of the terrorist Front de Liberation du Quebec was sentenced Wednesday to three years in penitentiary for setting five fires in July and trying to set another. When sentence was imposed on Jacques Boulianne, the 21-year-old shouted: "Quebec political prisoners have never been understood." He threw to courtroom spectators an 11-page letter in which he declared himself a friend of the FLQ. The FLQ, responsible for the kidnapping last week of British envoy James (Jasper) Cross and Quebec Labor Minister Pierre Laporte, has set ransom demands which include the freeing of 23 persons it refers to as political prisoners. IGA: 1 Nor 1.80%; 2 1.78%; 3 1.74%; 4 1.68%; 1 Durum 1.81%; 2 1.78%; 3 1.70; 4 1.65%; IGA prices: 1 Nor 1.80%; 2 1.78%; 3 1.74%; 4 1.68%; 1 Durum 1.81%; 2 1.78%; 3 1.70; 4 1 High Low Close Flax Oct 272 269% 269% Nov 264 262% 262% Dec 243% 241 241% May 253V4 250% 250% Rapeseed Vancouver Nov 256 253V4 2.55 Jan 253% 251 253% Mar 247% 244% 245% May 245y4 242% 242% Rapeseed Thunder Bav Oct Dec Apr 244y4 Oats Oct 87 Dec 86% May 86 Jly Barley Oct 128% Dec 126% May 128% Jly Rye Oct Dec May Jly 101% 104% 110% 253 263% 241% 241% 86% 86% 86 86% 85% 85% 87% 128 128% 126% 126y4 128% 128% 127% 100% 100% 102% 102% noy* noy4 113% Shakespeare warned that if one seeks satisfactory relationships he should be neither a lender nor a borrower. That old adage should be updated to include guaranteeing of loans made to others as a no-no. Guaranteeing loans made by banks to others may not only result in impaired personal relationships when the guarantor has to make good, but can also cause the guarantor to suffer a painful encounter with the Income Tax laws. Third party guarantees are common. A parent will guarantee a bank loan made to a child, a friend will pledge his credit to help someone receive a bank loan to launch a business venture, suppliers frequently guarantee loans made to valuable customers, and usually a company will be required to guarantee the financiers of its subsidiary and affiliated companies. It is only when the borrower collapses and the lender calls upon the guarantor to honor his commitment that the tax cost of making the guarantee is felt. The guarantor makes the payment and then, because his ability to pay tax is somewhat reduced, often seeks to charge the loss against his other taxable income. In almost all cases, the current law prohibits this deduction. One is permitted to deduct from his income only those expenses which are laid out to earn that income. As well, he may offset business losses against his other income but under no circumstances can he deduct paynents or expenses of a capital nature. In most cases, the law considers payments made by a guarantor to remedy the financial default of someone else to be of a nondeductible capital nature. The law has been clear on the point for some time now, even though not unanimously endorsed by taxpayers. However, until recently it had been thought that where one guaranteed a loan for someone else, on a purely business basis, any fees earned for giving the guarantee would be taxable and any loss suffered by having to honor the guarantee would be deductible. That is, if one guarantees a loan made to another, and charges a fee for so doing, that might be sufficient to give the transaction a business (as opposed to a personal) character, in which case the tax results would be more generous. That proposition is still sound law, but the circumstances under which the courts will apply it are more narrow than one might have expected. A recent decision of the Exchequer Court makes the point. In the case before the Court, the taxpayer was a lawyer who, besides his professional practice, owned 100 per cent of a small business corporation. In fact, the business had been started by his father around the turn of the century and on his death there had been a number of negotiations within the family, resulting in the taxpayer buying the company from the estate After operating for some years, with only modest success, the company embarked upon an expansion program which failed. Losses were incurred and its bankers were about to call their loans. The taxpayer-owner sought exten sions and new lines of credit. The bank finally agreed to keep the company going but insisted that the shareholder per' Imperial Tobacco Company Fined sonally guarantee the new loan, for losses suffered as a result EDMONTON (CP) - Imperial Tobacco Products Ltd. was given two weeks to pay a $3,000 fine after conviction Thursday in Alberta Supreme Court of using a statement of fact which was untrue to promote the sale of Casino cigarettes. Mr. Justice W. R- Sinclair found the company guilty on two of five counts under the Combines Investigation Act, imposing a $2,500 fine on one count and $500 on another. The other counts of misleading or deceptive advertising were dismissed. The court also approved, at the request of the crown, the issuing of a restraining order against the company to ensure the prohibition or repetition of such offences and as a protection for the public against the company using any future advertising statement of fact which is untrue. The company introduced the cigarettes into Alberta a year ago. Advertisements said there was "$5 in every pack of new Casino." The charges were laid against the company that there was not a $5 bill or its equivalent in the packages. Defence lawyer W. J. Mayor of Calgary asked for time to pay the fine because the firm's head office is in Montreal-He also said an appeal against the conviction would be filed in about two weeks. FIRST CONVICTION Consumer Affairs Minister Ron Basford said in an interview Thursday it is the first such conviction under a year-old amendment to the Combines Investigation Act which makes it an offence to use untrue, deceptive or misleading wording in promotional contests. Mr. Basford said it is extremely important that Mr. Justice Sinclair ruled that the legislation should be applied in a way that would protect all people, not just "reasonable men." Mr. Justice Sinclair said in the judgment: "We must look at the intent of the legislation ... It is not to protect only the reasonable man . . . rather the intention is to protect the vast multitude which includes the ignorant, the unthinking and the credulous who in making purchases do not stop to analyse but too often are governed by appearance and general impressions." Mr. Justice Sinclair smokes only a pipe. Mr. Basford quit smoking entirely in August. Lethbridge lawyer Bob Babki told The Herald he has been "getting one tremendous run-around from the firm with which Mr. Major is associated" in his $45,000 lawsuit against Imperial Tobacco. Mr. Babki has filed suit for Lethbridge and Taber residents asking for $15,000 specified damages and $30,000 general damages as a result of the Casino promotion contest. The Lethbridge and Taber residents claim they have $15,-000 worth of winning tickets which the company did not honor. GOOD SERVICE Drivers in Rome often double park illegally on side streets, leaving their keys with self-appointed attendants who rearrange and guard the vehicles day and night. As well, the bank required him to deposit substantial collateral security. The taxpayer agreed. Interestingly enough, he was very conscious of the potential tax results that would flow from a financia. collapse of the company and his being required to personally make good on his guarantee to the bank. He sought tax counsel. He was advised that if he entered into the arrangement on a business basis, then any loss he suffered might qualify as deductible business losses. Following that suggestion he guaranteed the loan to the company but entered into written agreement whereby he was to be paid a fee by the company for that accommodation. The fee was set at 1 per cent of the loan amount. The company's downward progess continued, he was never paid the fee and in due course it collapsed. The bank realized on its security given by the company and found a deficit of $19,000. When called upon he made good the bank's loss and claimed a deduction of the $19,000 as a business loss. The Revenue Department disagreed and took the case to the Exchequer Court where it was decided that the loss was not deductible because it was occasioned not in a business venture but was suffered as a result of his attempt to preserve a capital asset: his company. This would make it a non-deductible capital loss. It is not deductible because the present law provides that since capital gains aren't taxed, capital losses aren't deductible. The interesting part of the court's judgment is its rejection of the taxpayer's argument that since he was charging the company a fee for his guarantee, this would make the transaction a business venture. The court felt that it had to look behind this aspect and decide what he really intended. It concluded that the real object of his giving the guarantee was to preserve his company, not earn the fee, which it concluded was incidental to the transaction. From this decision it becomes even more clear than before that it is almost impossible for a taxpayer (other than a professional guaranotr such as a surety or bonding company) to claim a tax deduction of personally guaranteeing the debts of another person. The question is still open on whether or not the loss would have been deductible if the guarantor and the company had been strangers and the guarantor's only reason for making the accomodation was the earning 0' a fee. Under those circumstances, it would seem likely the loss would be deductible. However, because of the frequency of t h e concurrence of this type of transaction, it would be fitting if the revenue department now issued a bulletin setting out the circumstances, if any, under which it will permit a guarantor's loss to be deductible. (Mr. Asper is a Winnipeg lawyer) Hog Prices EDMONTON (CP) - Hog prices today provided by the Alberta Hog Producers Marketing Board: Edmonton: quoted 23.25 to 23.40, selling 23.40. Average Thursday 23.70. Red Deer: No market, average Thursday 23.58. Calgary: No market, average Thursday 23.47. Lethbridge: Quoted 23.00, selling 23.00. Average Thursday 23.39. Lloydniinster: No market, average Thursday 22.98. Total hogs sold to 11 a.m. 201. Sows selling 15.25. Total hogs sold Thursday 6,567, average 23.61. Livestock Lethbridge Livestock AFTERNOON SALE Calgary Livestock CALGARY (CP) - Receipts to 11 a.m., 2400 head, practically all replacement cattle and stock calves. Trade was active. Slaughter cattle sold in line with Thursday's close with quality considered. Quotations given are Thursday's closing prices. Choice steers 27.50 to 28.10, good 26.50 to 27.25, medium 25.50 to 26.25. Choice heifers 26.25 to 26.90, good 25.50 to 26.25, medium 24.50 to 25.25. Good cows 21 to 22, medium 19.5o to 20.50, canners and cutters 15 to 18.50. Replacement cattle and stock calves were of mixed quality with prices on all classes being in line with last Friday's sale. Good feeder steers 550 to 700 lbs. 31 to 34, 700 to 900 lbs. 29 to 30.60, 900 lbs. up 27 to 29.10. Good feeder heifers 550 to 650 lbs. 29 to 31.20, 650 lbs. up 26.50 to 29.10. Good stock steer calves under 400 lbs. 38 to 41.25, 400 to 500 lbs. 36 to 28.50, 500 lbs. up 34 to 35.75. Good stock heifer calves under 350 lbs. 31 to 33.80, 350 lbs. up 30 to 33. No hogs were sold to 11 a.m. Potato Prices WINNIPEG (CP) - There were bids in the May future at current levels, and trading in March at five points above previous close levels on the Maritime potato futures market Thursday. No contracts were traded Wednesday. Open High Low Close Nov. 2.25N March 2.55B April 2.65N May 3.05 3.05 PLANE KILLS 9 TEGUCIGALPA, Honduras (Reuter) - A Honduran air force plane landing Wednesday night killed nine persons when its landing gear hit a bus on a highway near the airport. The pilot, who pulled up, later made a crash-lauding. KAZ HIRACA President NOW AVAILABLE THE MAGNIFICENT MAGNAVOX WITH LOW FACTORY TO DEALER PRICING Watch For The Premiere Showing ACME TELEVISION COLLEGE MALL IMPORTANT NOTICE COTTAGE OWNERS You may be eligible for an ASSESSMENT AND TAX REDUCTION # When your dwelling was used exclusively for holiday or recreational purposes in the previous year, and # If your dwelling was not occupied by you or members of your family for more than 120 days during the same year, and 0 If you did not receive revenue by way of rental for the use of the dwelling during the same year, and 0 If you complete and file a certificate as to these matters not later than November 15 in the previous year * * * To Obtain This Reduction (In 1971) YOU MUST FILE YOUR CERTIFICATE BY NOVEMBER 15, (1970) At Your Own Municipal Office Where You Remit Your Taxes DEPARTMENT OF MUNICIPAL AFFAIRS PROVINCE OF ALBERTA A.W. MORRISON F.C. COLBORNE Deputy Minister Minister ;